American Axle & Manufacturing Holdings has reported a first quarter net loss of US$32.1m on sales of US$402.4m.
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That compares with a net loss of US$27m in the same quarter of last year.
“AAM’s business continued to be adversely affected by a dramatic downturn in production volumes and revenue generation in the first quarter of 2009,” said AAM’s Co-Founder, Chairman of the Board and Chief Executive Officer, Richard E Dauch.
“As a result, AAM’s entire global management team is doing what is necessary to accelerate and expand reductions to our cost structure and other improvements to our overall market cost competitiveness.”
“We are also working to support the flawless and anonymous launch of numerous new product programs for AAM’s existing customers and many new customers in 2009. The progress we are making in AAM’s comprehensive restructuring plan, as well as the continued expansion and diversification of AAM’s customer base and product portfolio is helping to position our company for a return to profitability.”
Customer production volumes for the North American light truck and SUV programs AAM currently supports for GM and Chrysler were down approximately 36% in the first quarter of 2009 as compared to the first quarter of 2008. Non-GM sales represented approximately 24% of total sales in the first quarter of 2009.
